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January 30, 2015

Fed building bids rise, so auction extended

By JOURNAL STAFF

SEATTLE — The deadline for bidding on the old downtown Seattle Federal Reserve building at 1015 Second Ave. has been extended again. Now it's 2:30 p.m. Saturday.

Bids keep rolling in on the U.S. General Services Administration website. As of 3:42 p.m. Friday the top bid was $11.1 million.

Two bidders are driving much of the price escalation.

There had been six bidders, but just before 2 p.m. Friday a seventh bidder entered the fray.

It is unclear how long the auction will continue if bidders keep offering more. A GSA spokeswoman told the DJC earlier this week that generally, a leading bid has to survive 24 hours before an auction ends but that time frame could be reduced if the GSA decides an auction has gone on long enough.

GSA has not released the identities of the bidders.

The property has fetched big offers in the past. A deal to sell the building to Sabey Corp. for $19.75 million fell through after a preservation group filed a lawsuit.

You can follow the bidding at GSA's auction website: http://1.usa.gov/1xaptXx




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